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MARKET CURRENTS

  • 6:35 PM Citibank says there's a 75% that Greece will leave the euro in the next 18 months. The British bookmaker William Hill regards it as such as done deal it is no longer taking bets. Not going to happen, says MarketWatch's Matthew Lynn. At some point, Germany will realize the risks involved, eat its words and come up with a mega-bailout to reflate the Greek economy and keep the euro staggering on for a couple more years, at least. 1 Comment [Global & FX]
  • 6:33 PM Two days ahead of the biggest tech IPO ever, debate continues to swirl over the long-term health of Facebook's (FB) ad business. The WPP Group's Martin Sorrell questions whether Facebook's focus on social interactions makes it an ineffective marketing platform, albeit a useful one for PR and word-of-mouth. Others tout Facebook's effectiveness as a brand and community-building tool, while granting Google is superior for driving commerce. Comment! [Tech, Quick Ideas]
  • 6:20 PM Seaspan (SSW): Q1 EPS of $0.51 beats by $0.26. Revenue of $152M (+25.7% Y/Y) in-line. Shares -0.2% AH. (PR) Comment! [Earnings]
  • 6:15 PM In its Energy in Charts report, the American Petroleum Institute warns of a looming U.S. energy crunch, calling for steps from opening up more federal lands for drilling to accessing more U.S. coastal areas for oil and gas exploration. A Center for American Progress response stresses the results of unchecked global warming that could ensue if Big Oil is granted its wish list. 2 Comments [Energy]
  • 6:13 PM Nvidia's (NVDA) cloud-based graphics processpor (GPU) solution is a big deal, argues industry consultant Patrick Moorhead. Unlike present-day GPUs, Nvidia's offerings can handle multiple PC users at once from the confines of a data center. That could provide a lift to the PC virtualization market in general, especially since market leaders Citrix (CTXS - previous) and VMware (VMW, EMC) are supporting Nvidia's solution. Comment! [Tech, Quick Ideas]
  • 6:12 PM Ctrip.com International (CTRP): Q1 EPS of $0.18 in-line. Revenue of $153M (+18% Y/Y) beats by $9M. Shares +3.3% AH. (PR) Comment! [Earnings, On the Move]
  • 6:11 PM More on 8x8 (EGHT): FQ4 beats on a 33% Y/Y jump in total revenue. Revenue from business customers increased 44% year over year to $22.8M. Average number of services subscribed to per business customer grew to 9.8 from 8.0 in the same year-ago period. Business customer churn was 2.0%, compared with 2.3% in Q411, revenue churn was 1.6%. Shares +7.5% AH. Comment! [Earnings]
  • 6:00 PM The retina displays Apple (AAPL) is reportedly planning to use in next-gen MacBook models due next month could cost nearly $100 more than regular displays, estimates NPD's Richard Shim. That could put some near-term pressure on Apple's gross margin, which hit a record in the March quarter, though the company's history of cutting favorable deals with component suppliers might limit the impact. (also) Comment! [Tech]
  • 6:00 PM On the hour: S&P -0.05%. 10-yr -0.02%. Euro +0.01% vs. dollar. Crude +0.18% to $92.81. Gold +0.15% to $1540.65. Comment!
  • 5:58 PM Southwest Airlines (LUV) defers deliveries of 30 Boeing (BA) 737-800 jets by some four years, saving more than $1B as the carrier extends a cap on fleet size and works to curb rising costs until it hits financial targets. Even as travel demand is strong, LUV CEO Gary Kelly wants to slow growth until hitting a goal of 15% return on invested capital. Comment! [Consumer]
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